You mention “county auction” in your subject line. Are you talking about tax auctions? LA does their tax auction in February each year. Many thousand people attend and there are only a few improved properties that sell. You might try to look at the tax deeds and see if you can spot the properties that were improved and see what they sold for. Hint: look for the high-priced sales.
Tax auctions are type of foreclosure. I refer you to my article on buying foreclosures. You can find it on the money-making hints forum here on the CREONLINE.COM website, titled “Is Foreclosure Buying for You?” Preview: I don’t recommend it for beginners.
I’m interested in any info. you’d like to share about properties that are sold at auction. mainly, what are the negatives? I’ve heard that you can’t inspect the house, sometimes the owner will pour cement down the pipes, etc.
I’m looking at it for an investment rental property and with the market being so inflated here in LA, I think the auction may be a good idea.
Any thoughts, advice, words of wisdom?
thanks
Re: county auction questions - Posted by Kristy-AZ
Posted by Kristy-AZ on April 27, 2003 at 01:51:28:
Usually at the foreclosure auctions you need to have all CASH to pay for the property the day you bid or the next day.
No, usually you can not see the inside of the property because the owners still live there. If they are still there after the auction YOU have to evict them with an attorney.
If you are looking for rentals and want good deals, then go to the auctions and WATCH!!! See who the players are. You will have to attend several auctions to see who shows up all the time and who buys the most properties. Then approach those people and let them know what you are looking for.
You will still get a good deal, and may be able to view the property before you buy it.
And yes, owners have been known to completly GUT a house on the way out the door. Cabinets, appliances, air conditioners, pool pumps, fixtures, everything.
I see some of them just tear out all the flooring. I am happy to see that, makes my job easier!